Depictions of violence, sex and race all generated high numbers of complaints, but the ASA also dealt with record numbers of objections to environmental claims, as advertisers jumped on the "green" bandwagon.
TV was by far the most complained about medium, generating 9,915 complaints, while internet advertising was the most complained about non-broadcast medium and the second most complained about medium overall.
The number of TV & radio complaints increased by nearly 20% to 10,685, compared with 2006.
A total of 2,980 complaints were received about internet advertising, 2,144 of which related to the content of websites and as such were outside the ad watchdog's remit.
The most common issues raised by the public about internet content were pricing, availability of goods and charges.
The report also focuses on new policy developments in 2007, including the introduction of new tightened advertising rules for food and soft drink products.
Gambling ads were also allowed to appear on TV for the first time and stringent rules were put in place to ensure ads are socially responsible.
The advertising watchdog said the food and gambling sectors revealed a "highly encouraging compliance rate", with the new rules demonstrating the effectiveness of self-regulation.
Lord Smith, the ASA chairman, who has just completed his first year in the post, said: "These complaints are almost entirely about truth, accuracy, misleadingness and availability -- the 'meat and drink' of the ASA's daily work.
"We hope for an early outcome to the detailed discussions under way within the industry on the development of ways to ensure continued responsibility in advertising in new media settings."
Separately, the ASA also compiled the most complained about campaigns of 2007. A Department of Health anti-smoking campaign featuring people with fish hooks in their mouths took top spot with 774 complaints, after raising objections that it was offensive, frightening and distressing to children.
, which people believed stereotyped and ridiculed black people, attracted 519 complaints.
TV ads for Rustlers microwave burgers showing a woman in her underwear on a rotating sofa, which attracted complaints that it was offensive, sexist and demeaning to women, was the third most complained about ad with 219 complaints.